Want euros? Ask a bureau not a bank

A look at how London’s bureaux de change are beating banks at their own game, changing your pounds into euros far cheaper than their big brothers would ever dream of.

▲ Hide Transcript

▶ View Transcript

Five trillion dollar the currency markets for growth over the past year if but doesn't authorities worldwide are investigating whether traders of some of the world's biggest banks manipulated fixing -- used in thousands of contracts. The industry. Fearful of radical regulatory change parties markets are extremely efficient and cut the cost of changing money for companies consumers and market players. But. Here in the heart of London's city financial district one on my house to go a few steps from the doors of some of the world's biggest financial institutions. The find evidence of the country. The numbers on the board of as little bureau of the show emotion Georgia's beating banks at their own game. Ironically its biggest clients of the same people treating billions around the corner. Explains the on our shot the other -- mom. These customers know the market. More than anybody else that you -- that they actually read the and -- the equity it's been neat and listen to how that spreads book that rates book exchange rate the quality he's been everything. To the best that thanks we'll sell you just under a 123 euros for a hundred times. Twenty meters away at the world's number three FX trader Barkley is you get underneath team so how does he do it. -- attending just to basically keep the cost business -- possibly that's that we -- beach be able to be where he's been arming embrace of the customers. -- this image if you keep widespread you know believe it because it lets the customers. You know customers and are we becoming because that we needed to be honest it's so fast. -- institutional level the currency market is astonishing the competitive senior -- traders complain of running some of the business at a loss to keep key customers. But at the retail level officials that two of the biggest high street lenders have told me they're worried they're on competitive rates are losing their market share for the likes of best effects. Chuck. But he's not stunning still. Now he's going after the bank's overseas transfer business. Our -- charging too much. For -- services men aren't I but I can see his speech on its northern the banks. Banks possibly in my opinion would be judging had announced its aesthetic. -- fix it if the amount is in excess of 101000 pounds. Then that it's freer to you know 101000 pound this reform if -- which I believe the banks -- comforted -- but I think that -- had -- -- -- forty -- -- -- you know. So when sophisticated sun seekers and even their own stuff for shunning their services. At that time the -- -- people a better deal. Beholden to them for basic services. -- his careful not to bite the hand that feeds. But it does admit that he thinks the -- could do better. Doctor -- for --

Reuters is the news and media division of Thomson Reuters. Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Learn more about Thomson Reuters products: